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COVENANTS
<br />1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receives from
<br />Bono or for Bono er's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of interest or principal, second to interest, and then to
<br />principal If partial prepayment ofthe secured debt occurs for any reason, it will not reduce or excuse any scheduled payment mdl the secured debt is paid in full.
<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges attributable to the property when due and will defend title to the property against
<br />any claims which would impair fire lien entire deed of test. Lender may require Borrower to assign any rights, claims or defenses which Benower may have against
<br />panics who supply labor or materials to improve or maintain the property.
<br />3. Insurance. Bmmwm will ke F the property insured under terms acceptable to Lender at Borrower's expense and for Lender's benefit. All Insurance politics shall
<br />include a standard mortgage clause in favor of Lender. Lender will be named as loss payee man the insured an any such issuance policy. Any insurance proceeds maybe
<br />applied, within Lender's discretion, to either the restoration or repair of the damaged pmpeny or in the secured debt, If Lender requires mortgage insurance, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
<br />4. Property. Borrower will keep the property in good condition and make all repairs reasonably necessary.
<br />S. Expenses. Remover agrees in pay all Lender' s pem exes, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation secured by this deed oftnest. Bormwer will pay these amounts to Lender as provided in Covenant 9 ofthis deed official.
<br />6. Prior Security Interests. Unless Borrower first obtains Lenders wrinen contest, Bonwer will not make or permit any changes to any prior security interests.
<br />Borrower will perform all of Borrower's obligations under any prior mortgage, deed of hurt or other security agreement, including Borrower's covenants to make payments
<br />when due.
<br />9. Assignment of Rents and Petition. Burrower sssigm m Lender the rents it profits of the property. Unless Borrower and Lender have speed otherwise in writing
<br />Borrower may collect and retain the rents as long as Borrower is not in default. If Borrower defaults, Under, Lender's agent, or a court appointed raciver may take
<br />possession and manage the property and collect the rams. Any rents Lander collects shall be applied first to the costs of managing the property, including coon costs and
<br />attorneys' fees, commissions to rental occurs, and any other necessary related expenses. The remaining amount of rents will then apply to payments on the secured debt as
<br />provided in Covenant I.
<br />8. Leaseholds; Condiandra ms; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease Effie; deed entrust is no leasehold. If this
<br />deed of trust is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the condominum or planned of development.
<br />9. Authority of Lender in Perform for Borrower. H Borowec fails to perform, any of Borrower's duties under this deed of mad, Lender may perform the duties or
<br />causethemtobeperformed. Lender may sign Borrower's name or pay any amount ifnxessary for performance. Entry construction on Ne property is discontinued or not
<br />camel on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the property. This may include completing the construction,
<br />lenders failure to perform will not preclude Lender from exeaising any of its other rights under the law or this deed of trust,
<br />Any amounts paid by Lenderto protect Lender's security interest will be secured by this dead of most. Such amounts will be due on mound and will bear interest from the
<br />date ofthe payment until paid in fall at the interest role in effect on the secured debt.
<br />10. Default end Acceleration. HB.rower fads on make any payment when due or breaks any covenants under this deed of omst or any obligation secured by this deed of
<br />must or any prior mortgage or deed of test Leader may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies permitted by applicable law.
<br />11. Request for Notice of Default. It is hereby requested that copies of the notices ofdefault and sale be sent m each person who is a party hereto, at the address of each
<br />such person, as set forth betel.
<br />12. Power of Sale. Effie Leader invokes the power of sale, the Trostce shall first record in the office ofthe register of deeds of each county wherein the cost property or
<br />me it or paaei therrof is situated a ..lice of default emanating the information required by law. The Trustee shall also mail copies of the notice of default to the
<br />Borro er, to confliction who is a pm y hereto, seem comparisons as prescribed by applicable law. Not has than one month after the Trustee records the notice of default,
<br />or two months ifhhe test property is nor in any hmoryaated city or village and is used in fanning operations tamed on by the tmstor, the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to the highest bidder If
<br />required by the I= Homestead Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sale of all or any
<br />paroelofthepropatybypubGcawo.. tatthelimeandplaceofanypreviouslyscheduledsale. Lender or its designee may purchase the property at any sale.
<br />Upon receipt of payment ofthe price bid, Tram a shall deliver to the purchaser Trustee's deed conveying the property. The recitials contained in Tmstce's deed shall be
<br />prima facie evidience of the tath of the statements contained therein, Trustee shall apply the proceeds of the sale in the following order: (a) to all expaues of the sale,
<br />including, but not limited to reasonable Trustee's fees, reasonable attorney's fees and reiasatemenl fees; Ed to all same secured by this deed of trust, and fc) the balance, if
<br />any, to the persons legally entitled to receive it.
<br />13. Foreclosure. At lender's Option, this decd afford may be foreclosed in the manraerprovided by applicable law for foreclosure ofm.rtgages on real properly.
<br />14. Inspection. Leader may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must state the reasonable cause for Lender's
<br />inspection.
<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any pan ofthe
<br />properly. Such proceeds will be applied as provided in Covenant This assignment is svbjstto th. terms of any prior security agreane.t.
<br />16. Waiver. By exemising any remedy available to Leader, Lender does not give up any rights to later use any other remedy- By ram exercising any remedy upon
<br />Borrower's default, Lender does not waive any right to later consider the event a default if it happens again.
<br />17. Joint and Several Liability; Co- signers; Successors and Assigns Bound. All duties under this deed of must arejoint and several. Any Borrower who co -signs tlds
<br />deed of trust ben does not eo -sign the mderlywg debt instroments(s) does an only to giant and convey that Borrower's interest in the Property to the Trustm under the tams
<br />of Nis deed.ftast. In addition, such a Borrower ogees that Ne Lender and any other, Borrower under this dead oftmst stay extend, modify or make any other changes in
<br />the terms of Nis deed oftwt or the ssmed debt without that Borrower's moment and without releasing that Borrower firm me terms of this deed afraid,
<br />The duties and benefits of this deed of trust shall bind and benefit the successors and assigns of Linder and Borrower.
<br />18. Notice Unless otherwise required bylaw, any notice to Borrower shall be given by delivering it or by meting it by certified mail addressed to Borrower at the
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by cenified mail to Lender's address on page 1 of this
<br />deed of test, or to any other address, which Lender has designated. Any other notice to Lender shall be sent to lender's address as sated on page I oftbis dcod.f cost.
<br />Any notice shall be deemed to have been given to Borrower or Lender when given in the manna stated above.
<br />19. Transfer million Properly or a Benefrdal Interest in the Borrower. If all or any pan of the property or any interest in it is sold or transferred without the Lenders
<br />prior written consent, Lends may demand immediate payment ofthe severed debt. Lender may also demand immediate payment if the Borrower is not a nateal Mason and
<br />a beneficial interest in the Borrower is sold or tarafined. However, Lender may act demand payment in the above situations if it is prohibited by federal law as of the date
<br />ofthis deed of test.
<br />20. Reconveyanae. When Ne obligation secured by this deed affront has been paid, and Lender has no further obligation to make advances under the instruments or
<br />agreements scoured by Ws deed of task the Trustee shall, upon written request by the Leader, mousey the tart property. The Lender shall deliver to the Borrower, or to
<br />Borrowers surcesserin interest, Netrundead and Ne note oroNerevidenceofNeobligationsu satisfied . Borrows shall pay avy rec.Nation eosn.
<br />21. Successor Trustee. Lends ,atL.ender'soptiogmayremove Tmstma dVWint asuccessortmstmbyfnrsgmailingacWyoftheeubstimtionoftmsteeasraluired
<br />by applicable law, and than, by filing the substitution eftastee for record in the office of the register of deeds of each county fir which life must property, or some pan
<br />thereof,issituated. The successor bounce, without conveyance ofthe Property, shall succeed to all the power, dudes, authority and title of the Trustee named in the deed of
<br />must and of my successor trustee.
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